HFS Research, the leading analyst authority and global community for business operations and IT services, recently featured Cognizant’s acquisition of Magenic Technologies in the US.
Emphasizing Cognizant’s third acquisition in 2021, the article highlights the expansion of Cognizant’s capabilities across key strategic focus areas including digital engineering, data and artificial intelligence, cloud, and IoT among others. The acquisition will expand Cognizant’s software product engineering resource strength, adding 475 employees in the US across seven locations and 350+ employees in Manila, Philippines.
“Under Brian Humphries, Cognizant has already acquired firms worth $1.5 billion (approx.) in the past 12 months across these areas. The Magenic Technologies acquisition will strengthen Cognizant’s expertise across agile software and cloud development, DevOps, experience design, and advisory services. COVID-19 has accelerated the overall digital adoption of enterprises across industries. As enterprises are breaking traditional boundaries to disrupt and serve the market, they need assistance and guidance from the technology partners to enable new operating and business models. Thus this acquisition will equip Cognizant to cater to client business needs and solve technical challenges”, HFS Research highlighted.
The analysis also shows that “The overall engineering sector is still recovering from the COVID-19 havoc. We believe that the global engineering spend will touch the previous level in the next 2-3 quarters. So, Cognizant can focus on long-term play rather than an immediate return to leverage this acquisition.”
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